A regulatory filing made on Thursday allegedly says that Elon Musk’s SpaceX plans to rely on Texas law to make it harder for any hostile bidder or activist investor to force changes at the company.
That includes efforts to buy control through a tender offer, start a proxy contest, or push out current officers and directors. For a company heading into what could be the biggest IPO ever, SpaceX is making it clear that nobody gets to walk in and start rearranging the furniture.
The filing shows SpaceX wants leverage before the real Wall Street noise begins. The company is preparing for an IPO that could value it at about $1.75 trillion this summer.
If that happens, SpaceX would pull space exploration deeper into the mainstream market and out of the purely speculative corner. That matters because once a company goes public, the pressure usually gets louder, faster, and far more annoying.
SpaceX builds legal barriers as activist pressure rises across U.S. markets
In the filing, SpaceX said some parts of Texas law, along with its charter and bylaws, could make many types of corporate attacks more difficult, like “acquisitions of us by means of a tender offer, a proxy contest or otherwise, or removal of our incumbent officers and directors.”
It also said the anti-takeover law in Texas is “expected to discourage coercive takeover practices and inadequate takeover bids.” The filing then added that anyone trying to make a play for SpaceX would need to “first negotiate with us.”
That language lands at a time when activist investors are still busy. Barclays data showed that activists launched 41 campaigns at U.S. companies during the first quarter of 2026. That was up 3% from the year before. The sectors they targeted most were technology and industrials.
SpaceX flags xAI probes while moon plans and IPO hype keep building
The same prospectus also carried another issue that could matter to investors, which is the multiple investigations tied to xAI’s creation and spread of sexually abusive imagery may cause the company to lose access to some markets.
In the risk section, the filing said agencies around the world were “actively investigating and making inquiries relating to social media or the use of AI” in areas such as advertising, consumer protection, and the distribution of harmful content.
The filing said SpaceX faced “allegations that our AI products were used to create nonconsensual explicit images or content representing children in sexualized contexts.” It also said those inquiries could expose the company to lawsuits, liability, and government action, including “loss of access to certain markets, which has occurred in the past.”
Under U.S. securities law, companies have to list risks like these in offering documents. That does not mean every bad outcome will happen. It means investors are being warned about what could go wrong before they buy in.
Speaking at CNBC’s CONVERGE LIVE in Singapore, Voyager Technologies CEO Dylan Taylor said, “We’ll have humans on the moon by the end of the 2020s, and we’ll have some lunar base.” He said that base would likely be an inflatable habitat with life support.
Dylan also said that by 2032 or 2033, people in places like upstate New York could look up and see lights on the moon because people would be living and working there.
On the same panel, Commercial Space Federation president Dave Cavossa said the U.S. is “by far” the world leader in commercial space. A Deutsche Bank note from February said the moon economy is close to a boom.
At the same time, SpaceX has been meeting analysts this week ahead of the IPO. In a February social media post, Elon Musk said SpaceX is focused on “building a self-growing city on the Moon” and said it could happen in under 10 years.
That leaves SpaceX trying to do two things at once: sell the public on a giant market debut while locking down control before the crowd shows up.
